Benefits of Fixed Deposits offered by Various Banks in India

Fixed deposits or FDs are one of the safest investment options. You should consider keeping some percentage of your savings portfolio in fixed deposits. The deposits can be opened in banks, post offices, and financial institutions. If you open a fixed deposit a/c in a bank, you will be able to understand the returns based on the tenure.

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There are tax-saving fixed deposits which will let you save up to Rs. 1.5 laky per annum under Section 80C of the Income Tax Act. You can get returns on fixed deposits on a monthly basis or annual basis as per your convenience. And using a fixed deposit calculator you can check the monthly returns on your FD.

Monthly Interest Payout on FDs

Banks will pay a higher interest rate on fixed deposits and it is higher than the interest paid on the savings account.

Fixed deposits are offered by almost all banks in India. You can open a fixed deposit in a bank with minimal documentation. Some banks offer fixed deposits with monthly payouts.

You can go for such kinds of deposits from ICICI Bank, SBI, Axis and various other banks. You can opt for quarterly and annual returns apart from monthly returns. 

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

You May also like to Read: Interest Rate on FD in SBI

If you opt for monthly returns, you should go for a lump sum investment. If you are looking for an alternative source of income on a monthly basis, you can opt for monthly payout on your fixed deposits. You can also use the FD calculator online to know your monthly returns.

How to Calculate Fixed Deposit Monthly Interest Payout?

Almost all the banks provide the facility to open an FD account using their online portal or mobile application. It enables all the potential investor to ascertain the monthly interest payout that they can earn.

Fixed Deposit Calculator

Listed below are the steps to help you calculate monthly payout interest on your fixed deposits-

  • Visit the bank’s portal in which you want to open an FD account.

  • Select the Fixed Deposit option

  • Select the fixed deposit calculator option

  • Select the amount of fixed deposits

  • Enter the desired tenure

  • Select the monthly payout the interest option

  • The online calculator will give you the estimate of monthly interest payouts as per the bank’s interest rate.

fd return beater

Benefits of Fixed Deposits

You will have to deposit a lump sum amount and the equated monthly installments will be paid by the bank. The monthly installments comprise of the part principal as well as interest. The interest will be calculated on the reducing balance and it will be paid on monthly basis.

For example, if you have deposited Rs. 1 lakh and after few days the deposit can be broken as per your financial needs. You can break to the extent offered by the bank, which will be credited into your account along with the interest accumulated on that date. The rest of the amount will continue to earn the interest as per the tenure.

Here are some of the benefits that you can avail-

  • Guaranteed Returns - The returns on fixed deposits are guaranteed. The bank or NBFC (Non-Banking Financial Institution) which commits the interest rate to the customer should pay the committed amount without fail. Hence, there will not be a risk to the customer.

  • Better Returns - The returns on fixed deposits are higher than the returns on the savings account. The interest rate on fixed deposits varies from 3.5% to 7.75% per annum based on the bank and the tenure you select.

  • Online Facility -You can open a fixed deposit account online at your own ease and convenience. If a fixed deposit is created online, it can be closed online upon maturity.

  • Flexible Tenure Options - There are flexible tenure options available. You can choose the most convenient tenure such as less than one year, 2 years, 3 years, 5 years and 10 years as per your needs. A fixed deposit can be opened with as little duration as 7 days and as high duration as 10 years.

  • Returns on Fixed Deposits - Before creating a fixed deposit, you should be aware of the returns on the fixed deposits. The Fixed Deposit Calculator presented by the bank’s website or third-party website will help you in the calculation of returns.

FD interest rates India have fallen consistently over the last 12 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

Key Features of FDs with Monthly Returns-

  • The payment will start after one year from the date of payment

  • Eligibility Criterion - Individuals, joint account holders, firms and businesses

  • Interest - payable on a monthly basis as per the tenure

  • TDS - applicable

  • Nomination facility - available

  • Loan/overdraft - available

  • Premature closure - available

  • Nomination facility is available under the plan

  • You can take loan/overdraft on the deposit as per your needs.

  • Bank offers a nomination facility as well to fulfill your financial needs.

Factors that Influence the FD Interest Rate

The bank will revise the interest on fixed deposits on regular basis based on the following factors:

  • Economic Conditions- The current economic conditions together with fiscal and monetary policy combined have a significant effect on the applicable interest rates on FDs. It gives you an opportunity to earn the highest returns amongst and build an efficient retirement corpus for yourself.

  • Invested Amount- The opening amount of your fixed deposit will have a direct impact on the interest rate that is applicable to your FD.

  • Age of the Investor - Your age also plays an important role in determining the returns on your fixed deposit. The rate of interest on Senior citizens FDs is usually higher in comparison to the normal investors.

  • Renewals- If you opt for an auto-renewal option, you can earn higher interest rates on your FD. And there will be no need to keep a track of the renewal date. Also, you can easily check the maturity amount using with a Fixed deposit Calculator.

Banks will deduct the returns on fixed deposit. if the returns are more than Rs. 10,000 in a financial year.

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Conclusion

Fixed deposits are offered by various banks in India. Customers can deposit lump sum amount and the payout can be obtained after the maturity period or on monthly basis. Fixed Deposit Calculator can be used to calculate your returns and you can opt for a fixed deposit based on the monthly, quarterly or annual returns. The deposits are safe and secure and you will meet your financial goals without any issues.  

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+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
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